A nationwide crypto licensing system is being prepared in UAE.
Bloomberg reported that, The United Arab Emirates (UAE) is getting ready to start issuing federal licenses to virtual asset service providers (VASPs) by the end of the first quarter
The government hopes that a nationwide crypto licensing system will attract big companies to the region.
Some of the financial free zones in the UAE have already issued licenses for VASPs. In December, Binance signed an agreement with Dubai World Trade Centre Authority to establish a global crypto hub.
